HB 2659
Initials PB Page 1 Caucus & COW
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-seventh Legislature
First Regular Session
House: COM DP 10-0-0-0
HB 2659: transfer to minors; age increase
Sponsor: Representative Carter N, LD 15
Caucus & COW
Overview
Increases the age at which certain property must be transferred to a minor.
History
The Uniform Transfers to Minors Act (UTMA) allows donors to transfer property, like money
or securities, to a custodian to manage for the benefit of a minor until they reach the legal
age without the need to set up a formal trust or have a conservator established through a
formal judicial conservatorship process.
Currently, under the provisions of the UTMA act, a minor must receive property at different
ages. For property given to the minor through a gift, the exercise of the power of appointment,
a last will and testament or a revocable trust, the custodian is statutorily required to transfer
the property to the minor by the minor's 21
st
birthday. For property given to a minor through
a transfer to a separate fiduciary or property that is held by an individual who owes a
liquidated debt to a minor, the custodian must transfer the property to the minor by the
minor's 18
th
birthday (Title 41, Chapter 7, A.R.S.).
Provisions
1. Requires property that is given to the minor through a gift, the exercise of power of
appointment, a last will and testament or a revocable trust to be transferred to the minor
by the minor's 25
th
birthday, rather than the 21
st
birthday. (Sec. 1)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note